HCL denies report of founder seeking buyer for $10 billion stake
MUMBAI (Reuters) - HCL Corp, the holding company for HCL Technologies (HCLT.NS), denied a Wall Street Journal report that said its founder Shiv Nadar was seeking potential buyers for his $10 billion stake in the company.
"HCL Corporation denies any plans to exit HCL Technologies," it said in a statement.
Billionaire Shiv Nadar owns a roughly 62 percent stake in HCL Technologies, India's No. 4 IT services exporter, through group companies.
Nadar is yet to hire bankers to advise him on a sale, the report said, citing two people briefed on the matter.
Shares of HCL Technologies (HCLT.NS), valued at $16.6 billion, rose as much as 2.4 in afternoon trade on the National Stock Exchange.
(Reporting by Aradhana Aravindan and Abhishek Vishnoi; Editing by Gopakumar Warrier)